UPDATE: JP Morgan Initiates Qiwi at Overweight on Secular Growth Wave

In a report published on Friday, JP Morgan analyst Alexei Gogolev initiated coverage on Qiwi QIWI with an Overweight rating and a price target of $24.00.

In the report, JP Morgan noted, "Qiwi's advanced technology allows consumers to access its network from kiosk, web or phone using any type of funds (cash, e-money, card or mobile accounts). Qiwi also gives merchants the opportunity to use kiosk interface as an advertising and eCommerce medium, leveraging the strength of network and vast consumer data. Among Qiwi's key differentiating factors are its relationships with over 40,000 Russian merchants and global partners (Visa, Apple, Alipay, Skype, Amazon, etc). Qiwi operates proprietary technology portfolio across multiple platforms and successfully underwent a year-long Visa security assessment before the alliance agreement between the two companies was signed late last year."

Qiwi closed Thursday at $15.66.